grace period

noun

Definition of grace period

: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation

Examples of grace period in a Sentence

The terms of the loan allow for a ten-day grace period.

Recent Examples on the Web Those already on the market got a two-year grace period. — Wired, 12 July 2022 The day marks the elapse of a 30-day grace period since the country was due to pay the equivalent of $100 million in dollars and euros to bondholders. — Caitlin Ostroff, WSJ, 26 June 2022 The country faces a Sunday night deadline to meet a 30-day grace period on interest payments originally due May 27. — Oleksandr Stashevskyi, The Christian Science Monitor, 26 June 2022 The country faces a Sunday night deadline to meet a 30-day grace period on interest payments originally due May 27. — Oleksandy Stashevskyi, BostonGlobe.com, 26 June 2022 The country is aiming to negotiate with the IMF a 10-year deal, known as an extended fund facility, that would give the country at least a four-and-a-half year grace period before starting to pay back its debt. — Patrick Gillespie, Bloomberg.com, 28 Jan. 2022 This would go into effect for 2022 but would have a two-year grace period to fix any existing investment issues inside of an IRA due to this rule change. — Jamie Hopkins, Forbes, 15 Sep. 2021 After the camera went live on April 14, motorists were given a 90-day grace period during which speeding citations that arrived in the mail did not include a financial penalty. — Lilly Price, Baltimore Sun, 7 July 2022 Russia faced a deadline of Sunday night to meet a 30-day grace period on interest payments originally due May 27. — Reuters, NBC News, 27 June 2022 See More

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'grace period.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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Dictionary Entries Near grace period

grace note

grace period

grace with one's presence

Statistics for grace period

Last Updated

12 Aug 2022

Cite this Entry

“Grace period.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/grace%20period. Accessed 17 Aug. 2022.

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More Definitions for grace period

grace period

noun

grace pe·ri·od

Legal Definition of grace period

: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as

a : a period of 30 days or one month during which premiums on insurance policies may be paid without penalty

b : a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code

— called also days of grace